Arthur J. Gallagher & Co.
AJG stock analysis · Financials · Insurance Brokers
As of · fund-implied per-share value
Fund holding value ÷ shares held. Not a live quote; not adjusted for later stock splits.
View SEC fund filing ↗Price × SEC outstanding shares. Shares measured 2026-06-30. Approximate; share and price dates can differ.
View share-count filing ↗Reviewed cash-flow model
Reviewed operating-business exception limited to this annual period. Gallagher's brokerage and risk-management businesses earn commissions and service fees. The filing says net underwriting exposure is limited to de minimis capital for certain facilities; it also identifies premium-finance exposure. Fiduciary asset/liability cash movements are in financing activities, separate from operating cash flow. The general FCF and accrual proxies can be used with those limits. Debt carrying amounts and premium-finance borrowing are separately reviewed; no operating income is inferred from pretax earnings, so ROIC may remain unavailable. Consolidated FCF includes minority interests; DCF and reverse DCF await a dated claim bridge. Business description ↗
DCF value
Consolidated cash flow includes noncontrolling interests. A dated valuation bridge for those claims has not been reviewed, so per-share DCF and reverse DCF remain unavailable.
How this is calculated ↗Reverse DCF
Consolidated cash flow includes noncontrolling interests. A dated valuation bridge for those claims has not been reviewed, so per-share DCF and reverse DCF remain unavailable.
How this is calculated ↗Relative valuation
69 sector peers · median 17.0×
How this is calculated ↗Historical multiples
7 annual observations · snapshot P/E 39.4× · -10.0% versus history
How this is calculated ↗Free cash flow yield
Annual basis · read assumptions below
How this is calculated ↗ROIC / quality
Requires two adjacent years of positive average capital, equity, cash, debt and operating income.
How this is calculated ↗Value composite
Annual basis · read assumptions below
How this is calculated ↗12–1 price momentum
Split and corporate-action verification is incomplete for these fund observations. Verified adjusted endpoints are required for 12–1 momentum.
How this is calculated ↗Asset growth
Annual basis · read assumptions below
How this is calculated ↗Net payout yield
Requires reported dividends, repurchases and issuance; missing values are not zero.
How this is calculated ↗Accrual quality
Annual basis · read assumptions below
How this is calculated ↗Fundamental momentum
Requires two adjacent years of revenue, operating income and cash flow.
How this is calculated ↗Follow the cash
ANNUAL · USDOperating cash flow and reinvestment over time
Annual USD. Negative bars use a compressed lower scale. Hover or inspect the financial history table for exact values.
Make the assumptions yours
How sensitive is the valuation?
| Return / Growth | 3.0% | 5.0% | 7.0% |
|---|---|---|---|
| 8.0% | — | — | — |
| 10.0% | — | — | — |
| 12.0% | — | — | — |
Annual financial history
Open SEC filings ↗| Fiscal year-end | Revenue | Net income | Operating cash flow | Capital expenditure | Assets |
|---|---|---|---|---|---|
| 2025-12-31 | 13.9B | 1.5B | 1.9B | 145M | 70.7B |
| 2024-12-31 | 11.6B | 1.5B | 2.6B | 142M | 64.3B |
| 2023-12-31 | 10.1B | 966M | 2B | 194M | 51.6B |
| 2022-12-31 | 8.6B | 1.1B | 1.4B | 182.7M | 38.4B |
| 2021-12-31 | 8.2B | 955M | 1.4B | 128.6M | 33.2B |
| 2020-12-31 | 7B | 858.1M | 1.8B | 99.3M | 22.3B |
| 2019-12-31 | 7.2B | 715.8M | 1.2B | 138.8M | 19.6B |
| 2018-12-31 | 6.9B | 675.9M | 765.1M | 124.4M | 16.3B |
USD, abbreviated. Restated annual history; not a point-in-time backtest. Missing values appear as dashes.
Trace the inputs
MODEL ANNUAL PERIOD| Input | Value | SEC tag / source | Filed |
|---|---|---|---|
| revenue | 13.9B | RevenueFromContractWithCustomerExcludingAssessedTax | 2026-02-17 |
| netIncome | 1.5B | ProfitLoss Explicit consolidated amount, including the portion attributable to noncontrolling interests. | 2026-02-17 |
| Parent/common earnings proxy | 1.5B | NetIncomeLoss | 2026-02-17 |
| cfo | 1.9B | NetCashProvidedByUsedInOperatingActivities | 2026-02-17 |
| capex | 145M | PaymentsForCapitalImprovements | 2026-02-17 |
| operatingIncome | — | Not reported under a supported tag | — |
| assets | 70.7B | Assets | 2026-02-17 |
| equity | 23.3B | StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest Explicit consolidated amount, including the portion attributable to noncontrolling interests. | 2026-02-17 |
| Parent book equity proxy | 23.3B | StockholdersEquity | 2026-02-17 |
| debt | 12.7B | Reviewed manual correction Consolidated balance-sheet corporate borrowings: $12,104m noncurrent + $640m current. These are carrying amounts, not the gross contractual-obligation schedule; premium financing debt is separate in shortDebt. | 2026-02-17 |
| shortDebt | 226M | Reviewed manual correction Consolidated balance sheet separately reports premium financing debt of 226m. Current corporate note maturities are already included in reviewed debt and are not counted again. | 2026-02-17 |
| cash | 1.4B | CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | 2026-02-17 |
| shares | 256.1M | WeightedAverageNumberOfSharesOutstandingBasic | 2026-02-17 |
| dividends | 667M | PaymentsOfDividendsCommonStock | 2026-02-17 |
| buybacks | — | Not reported under a supported tag | — |
| issuance | 1.5B | ProceedsFromIssuanceOfCommonStock | 2026-02-17 |